Trust Builders announced the release of two features to help retirement specialist advisers serve clients in a fiduciary capacity.
The two newest features complement the retirement readiness solutions in The Retirement Analysis Kit (TRAK) by integrating an annuity illustration into the sequence of returns analysis and allowing advisers to document their advice to clients, the firm explains.
“Financial advisers’ clients need to understand how market volatility can hurt their chances of a successful retirement, and they also need to know that options are available to mitigate the risk,” says Edward Dressel, president of Trust Builders. “The new annuity illustration will help advisers educate clients about the possible benefits of an annuity to safeguard their retirement income.”
According to Trust Builders, the first new feature complements the existing sequence of returns calculator offered by the firm, which illustrates a client’s retirement plan using historical market performance. The new feature allows an adviser to illustrate market volatility and then illustrate how an annuity may provide some protection against market downturns during retirement.
The second feature, the firm suggests, allows an adviser to document which scenarios were presented to the client and which one was selected by the client. This feature allows the adviser to keep records of what advice was presented to a client and what advice the client decided to take action on, including client verification of the document. “This paper trail helps advisers comply with strict fiduciary standards and protect themselves by demonstrating that they have acted in a client’s best interest,” the firm reports.
For more information about the expanded offering, visit www.AskTRAK.com.